Beverage industry segment is expected to register a significantly high CAGR over the forecast period.
Albany, NY -- (SBWIRE) -- 07/13/2018 -- Persistence Market Research (PMR) delivers key insights on the global hazelnut market in an upcoming outlook titled "Hazelnut Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026." In terms of value, the global hazelnut market is projected to register a healthy CAGR of 4.9% during the forecast period due to various factors, regarding which PMR offers vital insights in detail.
Factors Influencing Global Market Demand for Hazelnuts
There has been a higher consumer demand for healthy ingredients including tree nuts, as health and wellness goes mainstream, and consumers around the world prefer better, healthier, and smarter eating solutions that can fit their lifestyle and specific needs, while pleasing their taste buds too. Nearly two-thirds of the global population have cut down on certain foods or ingredients as per their taste preferences, allergies, age, diet, or religion. This preference of consumers motivates food and beverage manufacturers to come up with a wide range of products incorporating healthy nutrients. Moreover, hazelnut properties such as high oleic acid, amino acid, vitamin A, folate content, magnesium, calcium, and potassium is boosting adoption among consumers. Hazelnut has a wide range of applications in food and beverage products such as spreads, snack bars, roasted nuts and seeds, trail mixes, fruit snacks, and bread. Food manufacturers such as Ferrero, Nestlé, Hershey, and Mondelez are bringing in a good range of offerings of hazelnuts with dark chocolate, white chocolate, milk chocolate, sugar-free chocolate, protein bars, spreads, etc. This incorporation of hazelnuts with a variety of options and forms widens up the consumption range, and is in turn surging the demand for hazelnuts across the globe.
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Chocolate manufacturers are re-introducing their signature products with hazelnut-incorporated product lines, which are emerging as an innovation in taste in the global confectionery market, with improved properties in order to cater to a wider range of consumers. Due to the growing retail market, the increasing trend of gifting confectionery products, and increasing urban lifestyle, confectionery products are much in demand. The confectionery market is broadly divided into two categories – chocolate and bakery. In both categories, hazelnuts are abundantly used; from the overall consumption, 90% of hazelnuts are used in confectionery as a side-ingredient in chocolate, biscuits, breads, sweets, pastries, ice creams, and in meals. In both categories, the chocolate sector uses hazelnuts as a side component or as a main ingredient. Many hazelnut products are the bestsellers of chocolatiers such as Mondelez, Nestlé, Hershey, Ferrero, and many more.
Regional Analysis of the Global Hazelnut Market
The demand for hazelnut based products is increasing at a robust growth rate in Asia Pacific owing to the rise in disposable income and increased westernization in eating habits of the people especially in the developing countries of APEJ such as India and China. The urban population is more inclined towards ready-to-eat food; they prefer packaged meals with high nutrition content. Traditionally, nuts have been a star ingredient in most of the festive dishes, especially sweets. Chocolatiers re-launch their products during the festive seasons with a fusion of traditional and Western styles, generally with luxury nuts incorporated into chocolates. This is boosting the demand for hazelnuts in the APAC market.
Asia Pacific is expected to register high growth rates between 2018 and 2026. Middle East and Africa is expected to remain the largest market through 2026, followed by Europe and North America. Middle East and Africa hazelnut market accounted for 41.0% value share in 2017 and is expected to account for 40.7% market share by 2026.
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Global Hazelnut Market: Competition Profiling
Detailed profiles of some of the top players operating in the global hazelnut market are included in the scope of the report. Top market players featured in the report include Olam International, Ferrero International S.A., Barry Callebaut AG, Kanegrade Limited, Arslantürk, Karimex, Oregon Hazelnuts, Durak Findik, Geonuts Limited, and Gursoy Tarimsal Urunler Gida Sanayii Ve Ticart A.S.